Taxes can be a considerable drain on the cash flow of any business and the advice of experienced tax accountants and advisers can prove invaluable.
How you structure your business through to how you approach almost every business transaction can significantly impact the tax you pay. Effective tax planning for businesses and high net worth individuals requires specialised advice and expertise along with a clear view of your individual financial situation.
MGI South Queensland’s business tax accountants in Brisbane and on the Gold Coast will help you minimise the tax burden on your business. With significant experience across the whole range of tax issues, we can also help you explore the options for obtaining Government grants as well as family tax planning and company tax planning.
Tax planning shouldn’t be just a once a year activity when it’s time to lodge your tax return. It needs to be reviewed and managed on an ongoing basis to evolve with your circumstances, the introduction of new legislation and changing compliance responsibilities.
Developing effective tax strategies means looking at your short and long term goals as well as the objectives you have for your business and personal finances. You need to be laser-focused on protecting your assets, minimising the amount of tax you pay, managing your wealth and mitigating your risks.
The tax accountants at MGI South Queensland can help you with every aspect of this strategy. We’ll help you explore all the available tax strategies to help protect your assets, maintain a healthy cash flow and take advantage of any available concessions.
We’ll make sure you don’t pay more tax than you have to, or expose yourself to ATO interest and penalties. Don’t wait until it’s tax time! With expert tax consultants available in Brisbane or on the Gold Coast, we’re ready to help.
How we can help
Legally minimise the tax you pay
We’ll work closely with you to ensure we understand your business and identify opportunities to legally minimise the tax you pay.
Protect your assets
In addition to minimising tax, we’ll seek opportunities to protect your assets from third parties.
Take advantage of government business grants and tax incentives
Government grants and tax incentives are a great opportunity to inject more cash into your business. We’ll help you to pursue all available opportunities.
Identify potential exposures
Tax can be a minefield for the unwary. We’ll identify and address exposures to ensure your activities aren’t putting you at risk of significant penalties.
Company tax planning
Company tax planning helps to reduce the impact of tax on your company’s cash flows. Good tax planning will help you to:
- Meet your requirements under tax legislation
- Reduce your outlay on business tax
- Protect your assets.
Talk to an experience tax accountant today and take advantage of potential tax savings.
Business structure advice
Choosing the right business structure is important. An MGI business tax accountant will help you review your business structure and, where needed, restructure to:
- Minimise tax
- Better protect assets
- Ensure eligibility for government business grants
- Facilitate future entry/exit of shareholders into a business.
Tax audits and ATO reviews
Tax audits or ATO reviews can be highly stressful.
Our experienced tax accountants are here to help, from preparing the documentation required through to negotiating reduced penalties and extensions. If you find your business subjected to a tax audit contact our tax team for support.
Reducing capital gains tax (CGT)
We can help you to:
- Assess your eligibility for small business CGT concessions
- Review your business structure and its implication on CGT
- Develop strategies to reduce your CGT.
R&D tax offset
Research & Development (R&D) tax offset
Tax offsets are available for small businesses that invest in research and development. MGI can help you to:
- Assess R&D tax offset eligibility
- Apply for R&D tax concession.
Could your business be missing out on tax offsets? Contact our experienced government grant experts to find out more.
Employee share schemes and remuneration
Employee share schemes (ESS) are a popular strategy to financially incentivise staff to focus on a company’s profits and success. However tax treatment of an ESS can be complex. We can help you:
- Establish and administer the ESS
- Determine employee eligibility for ESS tax concessions
- Calculate ESS discounts and tax implications.
Export market development grants (EMDG)
Export market development grants (EMDG) offer up to 50% reimbursement on promotional expenses for exporters. MGI can help you to:
- Assess your eligibility
- Submit an EMDG application.
Contact us to learn more.
Family tax planning
Family tax planning looks at maximising tax opportunities within your family. We can help you with:
- Family trusts
- Tax offsets for spouse contributions.
Talk to MGI about family tax planning strategies
MGI's tax accountants assisted adaptive insights to avoid the imposition of withholding tax which ensured that they didn’t overpay thousands of dollars in excessive tax.Read the Adaptive Insight story.
Director, Taxation Consulting & Business ServicesView profile
Want to learn more about our business tax services?
See our FAQs below, get in touch (link to contact page) or fill in the form below to book a complimentary tax assessment with an MGI business tax consultant.
When might I need to change my accountant?
As your business grows there are a number of specialist areas of tax that your accountant needs to be across to achieve the best tax outcome. If your business has reached any of the following milestones it would pay to revisit your provider and whether you are getting the optimal service:
- Start turning over $2m plus
- Looking to move operations overseas or sell into oversees markets
- Experiencing rapid growth
- Not getting the business insights or support you need to make important business decisions.
- An unexpected significant tax bill
When should I start my tax planning?
Many people contact their tax accountant to discuss tax planning in April or May. The problem is this is the wrong time of year to be having this conversation. If you want to make a real impact on the financial performance of your business or take advantage of opportunities within the tax laws you need to have this conversation in the first quarter of the financial year, when you have time up your sleeve to actually implement changes.
What should my tax accountant provide advice on?
Tax should only be a small part of what’s discussed. Remember your accounts provide a detailed picture on the performance of your business so you should also be talking to your accountant about the overall health of your business and potential pain points.
What industry experience does MGI have?
MGI specialises in medium to large private and family business. Our clients work in a variety of industries including health, manufacturing, building and construction, financial services, insurance, retail and consumer, technology, education, real estate, food and agribusiness and not-for-profit.
Are you taking full advantage of the opportunities to legally minimise the tax your business pays? Book an obligation-free discussion with a tax accountant to find out.